If the bookies are to be believed, Kevin Rudd will be the next
prime minister of Australia.

Online betting agency Centrebet says the new Labor leader has
lifted the party from lame-duck status to federal election
favourite.

Since Mr Rudd took over from Kim Beazley in December,
Centrebet's odds for a Labor election win have shortened from $2.75
to $1.80, while the Coalition's have blown out from $1.40 to
$1.90.

International All Sports, another online betting agency, also
has Labor as favourites - $1.85 compared with the Coalition's
$1.95.

However Sportingbet still has the Coalition in front - $1.85
compared with Labor's $1.95.

The latest betting figures come as Mr Rudd received the highest
approval rating for an Opposition leader in more than 35 years,
according to a Herald/ACNielsen poll published this
week.

Centrebet spokesman Neil Evans said the agency had taken almost
$200,000 worth of bets on the election with most of the money -
including a $50,000 punt placed more than a year ago - on a
Coalition win.

But since Mr Rudd's promotion, bets ranging from $5000 to
$12,000 have been pouring in for the Opposition.

"We took more money on Kevin Rudd in the first week or two than
in the prior 12 months with Beazley in charge," Mr Evans said.

"The majority in the book is still for the Coalition but
certainly the financial momentum has been heavy for the ALP."

He attributed the betting market shift to how Mr Howard was
dealing with the Iraq war debate and Mr Rudd's personality.

"While Mr Rudd has quickly fought an intelligent and considered
battle on the policy front, he's also made a big impact in the
personality stakes, knowing you must defeat Mr Howard before you
can topple the Coalition."

Mr Evans said it was the first time Labor had been in front at
Centrebet since the early days of Mark Latham's leadership.